Economic data coming up in the European session

Author: Justin Low | Category: News

A light one on the data docket in the session ahead

The dollar is mildly weaker to start the day after posting slight gains in trading yesterday, though there was a lack of any solid momentum to get anywhere significant despite risk-off flows that saw US equities close by nearly 2% lower.

10-year Treasury yields also slipped to 0.80%, with the 200-day moving average keeping bond investors more guarded for the time being with the election next week in focus.

US futures are treading with more caution on the new day with FX also showing little appetite to be doing much. EUR/USD is stuck in between its key hourly moving averages of 1.1792 and 1.1835, as the near-term bias sticks to being more neutral for now.

Looking ahead, there is little to really distract from the overall virus situation across major parts of the world and US election talk at this stage.

The latter is going to grow in focus over the next few days, so the market may look to run with a narrative or perhaps the relative uncertainty will keep investors sidelined until there is more clarity. Is a blowout looking likely or will Trump surprise again?

0900 GMT - Eurozone September M3 money supply data
Prior release can be found here. As the virus situation in Europe worsens, the data here serves as a reminder that the ECB has injected plenty of liquidity i.e. the narrative of easy money, to address the crisis and the economic fallout. They may very well have to do more down the road but further policy changes this week are unlikely.

1100 GMT - UK October CBI retailing, total distributive reported sales
Prior release can be found here. The readings here are an indicator of short-term trends in the retail and wholesale sector of the UK economy. A minor data point.

That's all foor the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out thee.

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